I've used Waves stuff for quite a while now... Most of it has served me well... I mainly only record acoustic/bluegrass music and vocals so there are tons of the plugs I never touch... I'm sure if I recorded a different genre of music there might be others that might see some use, but not for bluegrass/acoustic.
I mainly use:
Q-10 EQ
RVerb
RComp
MaxxBass - occasional use
L3 Ultramaximizer
Shuffler
I recently bought the URS Everything EQ Bundle and they (The FullTec seems to get the most use) seem to be taking the place of the Q-10... I have all the FREE Kjaerhaus Classic Series stuff too, I use those occasionally as well... I really like the Waves RVerb and RComp... Those are my most used/liked plugs from Waves. Really, from Waves, if I only had the RComp, RVerb and L3 I could make it just fine without the rest of them...
I've said all of this to say this: I like the Waves plugs I use...they have served me well. Looking back, I think I could have spent my money more wisely since there are so many plugs I don't use. When I bought my Waves plugs several years back, I knew very little about recording and Waves seemed to be the fit-all wrench, and myself not knowing exactly what I really needed, I bought them.
I'm a bit from the old school and still use ProTools LE and the Digi001. I've used this for over 7 years now... The best plugin buy I ever made was
the VST to RTAS adapter ($99). There are so many free VST plugs out there, some of them pretty good...including the Kjaerhaus Classic Series, I find myself using more and more of the free VST stuff on a day-to-day basis... With this adapter, it's like getting 100's of plugs for $99... If you get 100 free ones, it's about $1 each!